Of particular concern is this Correctional Plan item from the PERA website:
Anderson said that PERA staff will continue to meet with Correctional Plan stakeholders to gather input into possible plan changes. The Board did not propose changes during the 2017 legislative session; however, the Legislature did propose a change from the current 2.5 percent trigger to a fixed 1.5 percent COLA.
In the same letter the legislature is proposing a change from a 1% COLA for Police and Fire to 1.5%.
Currently the *Correctional Plan is funded at 95.7% and the Police & Fire Plan at 87.7%. The trigger for a 2.5% COLA is 90%.
*Source PERA Comprehensive Annual Financial Report.Pg 12.
The exceptional health of the Correctional Plan triggers the higher 2.5% COLA for Correctional retirees.
The Police and Fire Plan has had issues and has been unable to hit the 90% -2.5% COLA trigger.
Our Correctional Plan pays out at a rate of 1.9% of our contributions. Police and Fire pays out 3%!
Our plan has more money and triggers the 2.5% COLA. Theirs currently does not.
I don't care what they give P&F, but the proposed downplaying of our benefit seems to be a give away from the money WE paid into ours for another plan.
There is a PERA meeting on December 14th supposedly seeking input I want to attend. I just emailed PERA to get the info.
Why is this important? Former Teamsters Business Agent David Metusalem has Retired from the Ramsey County Sheriff's Office to be Executive Director of Minnesota Police and Peace Officers Association, aka MPPOA (Congratulations). This required him to relinquish his seat on the Police and Fire Plan Board, triggering an election. We've never had a seat at the table!
The PERA website says they are meeting with "Correctional Plan Stakeholders." Who?
Why does this matter? P&F have members watching their retirement. Corrections does not!
Back in 2009 when we at Hennepin County were Teamsters, we made a proposal to get a Detention Deputy on the PERA Board. It passed, but never happened.
Who is looking out for us? Back in 1997 when we were first meeting at the Teamsters building with Mike Golen and Tom Perkins (our plans' architect) , Dan Wells from LELS sat behind me laughing at the idea. MPPOA and LELS won't care. Teamsters failed to act!
We have to get a Detention Deputy/CO and or Retiree on the Board. MNPEA members your board is already on this. The Correctional Plan architect is on MNPEA's board.
MPPOA and LELS, are you going to protect your 800 CO's?
Watch this blog for updates. Be prepared to contact your State Reps.
2 comments:
In a nutshell. The Correctional Plan gets an annual COLA of 2.5%.
By Law PERA pensions that are funded over 90% get that annual COLA.
The Correctional Plan is funded at 95.7%.
They are proposing cutting our COLA to 1.5% for no reason.
Correction: I initially wrote that PERA was proposing the change it is corrected and now reads:
In the same letter the legislature is proposing a change from a 1% COLA for Police and Fire to 1.5%.
Post a Comment